Treatment of Certain Property, Expenses and Liabilities. Notwithstanding any other provision herein, the Members of each Series agree that: (a) The Company and each of its Series shall be liable for the repayment of any warehouse loan or similar financing arrangement obtained by the Company. (b) The Company and each of its Series shall be liable (vis-à-vis the buyer of the loan) for any repurchase or reimbursement obligations pertaining to loans sold to or guaranteed by FNMA, FHLMC, HUD, the FHA or the VA. However, if the repurchase obligation is attributable to the acts or omissions of a particular Series, then that Series shall reimburse the Company and the other Series for the repurchase amount and for any losses which the Company or the other Series suffer as a result of the repurchase. (c) All loans made or brokered in the course of the Company’s business and in the name of the Company shall be deemed to have been made or brokered on behalf of the Company by the Series that originated the loan, notwithstanding that title to the loan may be in the name of the Company. All interest, fee and other income from loans that are originated by a Series are the property of that Series and shall be allocated to the Series that originated the loan in question. And all expenses associated with the making of such loans, including a pro-rata share of overhead expenses, and all non-cash items such as depreciation, shall be allocated to the Series that originated the loan in question in a manner that the Managers determine is fair and equitable and in compliance with applicable law.
Appears in 4 contracts
Samples: Limited Liability Company Operating Agreement, Limited Liability Company Operating Agreement (HomeStreet, Inc.), Limited Liability Company Operating Agreement (HomeStreet, Inc.)
